Reuters Africa Business

By Camillus Eboh ABUJA (Reuters) – Nigeria’s Senate on Wednesday increased the 2023 budget by 6.4% to 21.83 trillion naira ($49 billion) and delayed a decision to the president’s request to convert central bank overdrafts to his administration to long-term bonds after some lawmakers questioned the plan. In a letter to parliament dated Dec. 20, …

Nigeria’s Senate approves 2023 budget, holds back decision on loan-bonds swap Read More »

By Chijioke Ohuocha ABUJA (Reuters) -Nigeria’s naira extended losses on the official market on Wednesday to a record low of 461 to the dollar, as trading resumed after the Christmas holiday and the currency weakened to cope with high foreign exchange demand. The currency hit a low of 460.20 naira by 11:04 GMT, down from …

Nigeria’s naira extends losses on official market Read More »

NAIROBI (Reuters) – Kenya’s shilling weakened on Wednesday, due to a build-up in demand for dollars from oil retailing companies, traders said. At 0820 GMT, commercial banks quoted the shilling at 123.25/45 per dollar, compared with Friday’s close of 123.15/25. Kenyan markets were closed on Monday and Tuesday for Christmas and Boxing Day holidays. Earlier …

Kenyan shilling weakens; oil retailer dollar demand weighs Read More »

KAMPALA (Reuters) – The Ugandan shilling weakened for a second straight day on Wednesday, undermined by a spike in demand for dollars from importers and commercial banks, traders said. At 0740 GMT, commercial banks quoted the shilling at 3,705/3,715, compared with Tuesday’s close of 3,690/3,700. UGX Spot Rate………………. Ugandan Shilling Money Guide…. Calculated Cross Rates………. …

Uganda shilling weakens due to surge in commercial bank and importer demand Read More »

(Fixes wording in headline) By Mahmoud Salama CAIRO (Reuters) – The price of gold in Egypt has risen to unprecedented highs as nervous savers seek refuge from a weakening currency and some companies export bullion to raise scarce dollars to fund imports, industry experts say. Figures from the Federation of Egyptian Chambers of Commerce’s (FEDCOC) …

Gold price soars in Egypt as local currency weakens Read More »

ADDIS ABABA (Reuters) – Ethiopian Airlines will resume flights to the capital of the war-torn northern region of Tigray starting on Wednesday, the airline said in a statement, the first commercial flights to Tigray in about 18 months. The announcement comes a day after a delegation of government officials and heads of public enterprises visited …

Ethiopian Airlines to resume flights to Tigray capital Read More »